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Oman state refiner Orpic has concluded $3.8bn in project finance for its $6.5bn Liwa Plastics project to be built at Sohar, while Oman Power and Water Procurement Company (OPWP) has tied up over $300mn in financing for desalination plants at Barka and Sohar on Oman’s northern coast (see p16).
Orpic CEO Musab al-Mahruqi flagged up Liwa as Oman’s largest ever project finance.
It comes not a moment too soon: recent two-notch downgrades for Oman from both Moody’s and S&P (MEES, 4 March) will almost certainly raise the cost of future fundraising from state-owned firms such as Orpic.
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